1. The Brazilian oil giant plans to invest $68 billion to increase production
Petrobras plans to invest US $68 billion to expand its crude oil production, accounting for 84% of its total planned investment from 2022 to 2026, a significant increase over the previously announced investment of US $55 billion during 2020-2025.
Brazil has recently become one of the largest oil and gas hotspots because its subsalt areas are rich in hydrocarbons to be developed. Despite the promotion of green transformation, investors are also very interested. Brazil is already the largest oil producer in Latin America, but it now plans to become one of the world’s five largest crude oil producers.
2. TC energy claimed US $15 billion for the cancellation of keystone XL pipeline project
According to the rules of the North American Free Trade Agreement (NAFTA), TC energy of Canada formally filed an arbitration request last week, asking the U.S. authorities to compensate us $15 billion for its attempt to develop the cancelled keystone XL oil pipeline.
The pipeline, proposed during the Obama administration, plans to transport oil from Alberta, Canada to Nebraska, the United States, with a total length of nearly 2000 miles. But Obama finally rejected the application on the grounds of environmental protection. Subsequently, President trump restarted the project, but Biden again rejected the project and revoked this key license on the day of taking office, which dealt a heavy blow to the Canadian oil industry.
3. Saudi Aramco’s $15 billion oil deal with India’s largest company failed
Saudi Aramco and India’s Reliance Industries cancelled plans to invest about US $15 billion to acquire a 20% stake in reliance’s petrochemical business because the latter shifted the focus of India’s oil business to Telecom Group.
4. Canadian oil drilling is expected to reach pre epidemic levels in 2022
The Canadian Association of energy contractors said last Tuesday that the number of oil and gas wells drilled in 2022 is expected to increase by 27% to 6457, the highest level since 2018.
Post time: Nov-30-2021